# Steel Modernization Act of 2024
This bill aims to revitalize the domestic steel and iron industry by providing federal support for advanced manufacturing technologies and imposing tariffs on imported steel with high carbon emissions.
**What It Does**
The legislation creates three main programs. First, it authorizes $10 billion in grants, loans, and other financial assistance to help steel and iron producers build new facilities or upgrade existing ones using advanced, lower-emission technologies. Recipients must meet strict emissions standards and begin producing near-zero emissions steel by 2035. Second, it establishes a $500 million pilot program to purchase low-carbon steel directly from producers. Third, it imposes tariffs on imported steel based on the carbon emissions from its production, with tariff rates varying by country and potentially doubling for countries without transparent emissions data.
**Who It Affects**
The bill directly benefits steel and iron manufacturers receiving federal funding, particularly those in existing steel-making communities. It also affects workers through prevailing wage requirements and mandates for union recognition at funded facilities. Communities near steel plants would participate in community benefit agreements and pollution monitoring. American consumers and businesses using steel products may face higher costs from tariffs on imported steel.
**Key Requirements and Timelines**
Recipients of over $50 million in funding must commit to workforce training programs, hire workers from local communities, and negotiate binding community benefits agreements. All projects must employ workers at prevailing wage rates and comply with union organizing provisions. Tariffs on imported steel begin 90 days after the first emissions report in 2026, with tariffs on finished goods containing steel starting January 1, 2027. The bill authorizes appropriations through December 2032 and sunsets most tax credits after December 31, 2045.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.